At a glance
Nexstar Broadcasting Group Inc is worth $5.07B, about 55 times its fiscal 2025 earnings. Revenue fell 8.5% to $4.95B in fiscal 2025, with 2.2% kept as profit; over 5 years it has grown 1.9% a year. It pays a 4.52% dividend yield, raised every year for at least 9 years, and returned $3.65B to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned −10.7% over the past year with dividends reinvested and +5.3% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 64.0% in the 2020 crash (S&P 500: 33.7%) and 19.7% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 10 months and 3 months after the lows.
The business in plain English
Nexstar Media Group owns America's largest group of local TV stations. It has more than 200 owned or partner stations in 116 markets across 40 states and Washington, D.C., reaching about 70% of US TV households. The stations are affiliates (local partners that air a network's shows) of CBS, FOX, NBC, ABC, The CW and MyNetworkTV. Nexstar also owns 80.8% of The CW, the fifth major US broadcast network. It runs the NewsNation national news channel and The Hill political news site, and it holds 31.3% of TV Food Network.
Nexstar makes money in two main ways. Of its $4.9 billion in 2025 revenue, 59% came from distribution fees. Cable, satellite and streaming TV services pay these fees to carry its stations and networks. About 40% came from advertising, and Nexstar works with more than 50,000 advertisers. Political ads were only about 1% of revenue, because most elections fall in even-numbered years. Leaving out its own networks, about 68% of ad revenue came from local programming. No single customer supplied more than 13% of revenue.
In August 2025, Nexstar agreed to acquire TEGNA, which owns 64 TV stations and two radio stations in 51 markets. The 10-K, filed February 27, 2026, expected the deal to close by the second half of 2026.
Price history
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NXST -10.7% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Distribution Service | $2.92B | 59.1% |
| Advertising | $1.96B | 39.6% |
| Other | $66.0M | 1.3% |
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was $1.99B, up 62.2% from a year earlier, and net income was $120.0M (+23.7%).
- For fiscal 2025, revenue was $4.95B (-8.5% year over year; +1.9% a year from FY2020 to FY2025) with a 2.2% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +1.9% watch |
|---|---|
| Operating margin | 17.2% good |
| Free cash flow margin | 15% good |
| Return on equity (FY2025) | 5.3% weak |
| Return on assets (FY2025) | 1% weak |
| Net cash (cash minus debt) | $-11.14B weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $4.50B | $811.5M | $1.04B |
| FY2021 | $4.65B | $834.0M | $1.06B |
| FY2022 | $5.21B | $971.0M | $1.25B |
| FY2023 | $4.93B | $346.0M | $850.0M |
| FY2024 | $5.41B | $722.0M | $1.10B |
| FY2025 | $4.95B | $109.0M | $743.0M |
Valuation snapshot
| Market value | $5.07B |
|---|---|
| P/E ratio | 54.8 |
| Dividend yield | 4.52% |
Rank among 1514 US companies
Market value at each year end
Nexstar Broadcasting Group’s market value went from $1.94B at the end of 2016 to $5.07B on Oct 28, 2026, about 2.6 times as much; since the end of 2025 it is down 18%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $5.07B | -17.7% |
| 2025 | $6.16B | +25.7% |
| 2024 | $4.90B | -7.9% |
| 2023 | $5.32B | -19.4% |
| 2022 | $6.60B | +6.9% |
| 2021 | $6.17B | +28.4% |
| 2020 | $4.81B | -11.1% |
| 2019 | $5.41B | +50.8% |
| 2018 | $3.59B | +0.7% |
| 2017 | $3.56B | +83.3% |
| 2016 | $1.94B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| NXST price data to Oct 28, 2026 | -16.7% | -10.7% | +11.0% | +5.3% | +16.0% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -16.8% |
| 2025 | +34.0% |
| 2024 | +5.0% |
| 2023 | -7.5% |
| 2022 | +18.3% |
| 2021 | +40.9% |
| 2020 | -4.5% |
| 2019 | +51.9% |
| 2018 | +2.7% |
| 2017 | +25.9% |
| 2016 | +10.1% |
| 2015 | +15.0% |
| 2014 | -5.7% |
| 2013 | +436.1% |
| 2012 | +35.1% |
| 2011 | +30.9% |
| 2010 | +47.9% |
| 2009 | +692.6% |
| 2008 | -94.4% |
| 2007 | +96.6% |
| 2006 | -7.2% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 94.8% over that stretch · deepest drop along the way 95.1%, back to its old high 46.8 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 64% over that stretch · deepest drop along the way 64%, back to its old high 10.4 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Gained 11.7% over that stretch · deepest drop along the way 19.7%, back to its old high 2.6 months after the low |
Insider activity
Form 4 filings from 2025-10-31 to 2026-10-31 (25 read): 1 open-market purchases ($2.0M) and 20 sales ($3.3M).
| Date | Insider | Type | Value |
|---|---|---|---|
| Jun 26, 2026 | Perry A Sook Chief Executive Officer, Director | buy | $2.0M |
| Aug 14, 2026 | Dana Zimmer See Remarks | sell | $751K |
| Sep 23, 2026 | Andrew Alford President, Broadcasting | sell | $468K |
| Aug 24, 2026 | Michael Biard President & COO | sell | $458K |
| Jun 12, 2026 | Michael Biard President & COO | sell | $214K |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 10.5% | Mar 31, 2025 |
ETFs with the most weight in NXST
| MDPL Monarch Dividend Plus ETF | 3.41% |
| LSAT Leadershares Alphafactor Tactical Focused ETF | 3.1% |
| BOUT Innovator IBD Breakout Opportunities ETF | 2.2% |
| NBSM Neuberger Berman Small-Mid Cap ETF | 2.01% |
| MBOX Freedom Day Dividend ETF | 1.91% |
| JMID Janus Henderson Mid Cap Growth Alpha ETF | 1.58% |
| FLOW Global X U.S. Cash Flow Kings 100 ETF | 0.99% |
| MYLD Cambria Micro and SmallCap Shareholder Yield ETF | 0.96% |
What could go wrong
- TEGNA deal could fall short. Nexstar agreed to acquire TEGNA, owner of 64 TV stations. The 10-K warned that closing conditions might not be met on time, and that combining the companies could be harder and slower than expected.
- Fewer pay-TV subscribers could cut fees. Fees from cable, satellite and streaming TV services were 59% of 2025 revenue. Fewer pay-TV subscribers, or carriage deals renewed on worse terms, could shrink this income.
- Network affiliation deals may renew on worse terms. Its stations depend on deals with CBS, FOX, NBC and ABC for popular shows and sports, including most NFL games. Losing these deals, or renewing them on worse terms, could hurt revenue.
- Heavy debt load. Total debt was about $11.7 billion, against $605 million of cash, as of June 30, 2026. Interest costs could limit reinvestment, acquisitions, dividends and buybacks, and weak cash flow could strain debt payments.
- Ad revenue swings with economy and elections. Advertising was about 40% of 2025 revenue. It faces big tech rivals and can drop in downturns. Political ads come mainly in even-numbered years. With many costs fixed, small revenue dips hit profits hard.
- Dividend payments are not guaranteed. Dividends paid were 207% of 2025 net income, though just 30% of free cash flow. The 10-K warns that cutting or suspending dividends or buybacks could push the stock price down.
Recent events
- Other company announcement
- Quarterly results released
- Other company announcement
- Shareholder vote results; Investor presentation or announcement
- Quarterly results released
- Other company announcement
- Major agreement signed; New debt or financial obligation
- Major agreement signed; Major agreement ended; New debt or financial obligation
- Investor presentation or announcement
- Major agreement signed; Acquisition or sale of assets completed; New debt or financial obligation; Investor presentation or announcement
For income and retirement investors
Nexstar has raised its dividend for at least 9 straight years (FY2016 to FY2025). Dividends per share grew from $2.24 in 2020 to $7.44 in 2025, about 27% a year on average. The yield was 4.52% as of October 28, 2026. But net income fell 84.9% in 2025, so dividends paid were 207% of earnings. They used just 30% of free cash flow (cash left after capital spending). Buybacks totaled $2.75 billion over FY2021–FY2025, and the share count fell about 25% from November 2021 to August 2026. Buybacks then shrank to $125 million in 2025.
The stock has fallen hard in crises. It lost 95% from October 2007 to October 2008 and did not recover until September 2012. It dropped 64% in the 2020 COVID crash and recovered by February 2021. In the 2022 bear market it fell 19.7% at its worst, then recovered by late July 2022. A single stock carries more risk than a diversified fund.
Questions investors ask
How does Nexstar Media Group make money?
Mostly from fees paid by TV distributors and from selling advertising. In 2025, 59% of its $4.9 billion in revenue came from distribution fees. Cable, satellite and streaming TV services pay these fees to carry its stations and networks. About 40% came from advertising on its stations, The CW, NewsNation and digital sites such as The Hill. Political ads were only about 1% of revenue, because most elections fall in even-numbered years. Other sources supplied roughly 1%.
Does Nexstar raise its dividend every year?
Yes, so far. Nexstar has raised its dividend in at least 9 straight years, FY2016 through FY2025, and the streak may be longer. Dividends per share rose from $2.24 in 2020 to $7.44 in 2025, and the yield was 4.52% as of October 28, 2026. One caution: the $7.44 dividend was far more than 2025 diluted earnings of $3 per share, though it used only about 30% of free cash flow. The 10-K warns that a dividend cut could hurt the stock.
Is Nexstar acquiring TEGNA?
Yes. On August 18, 2025, Nexstar agreed to acquire TEGNA, which owns 64 TV stations and two radio stations in 51 US markets. The 10-K, filed February 27, 2026, expected the deal to close by the second half of 2026 and said Nexstar would use some of its financial capacity to pay for it. A March 20, 2026 filing reported a completed acquisition and new debt. Revenue for the quarter ended June 30, 2026 was 62.2% higher than a year earlier.
How much debt does Nexstar have?
About $11.7 billion as of June 30, 2026, against $605 million of cash and investments and $2.3 billion of shareholders' equity. That is more than twice the company's stock market value of about $5.1 billion as of October 28, 2026. When the 10-K was filed, Moody's and S&P rated Nexstar Ba3 and BB+. Both ratings are below investment grade, often called high-yield. The 10-K warns that interest costs could limit reinvestment, acquisitions and returns to shareholders.
Why is Nexstar's P/E ratio so high?
Because 2025 earnings fell sharply. Net income dropped 84.9% to $109 million. That was $3 per diluted share, down from $21.41 in 2024, while revenue slipped 8.5% to $4.9 billion. The result was a price-to-earnings ratio (share price divided by a year's earnings per share) of 54.8 as of October 28, 2026. Free cash flow held up better at $743 million. So earnings alone understate the cash the business produced in 2025.